Social Security FAQ with Eddie Holland

You have to be at least 62 to collect Social Security…maybe because it takes that long to understand the program.

Do you have questions about Social Security? Of course, you do. Who doesn’t? Well, you don’t want to miss today’s program. Eddie Holland is back to answer more of your questions about Social Security.

Can You Claim Benefits Early and Switch Later? 

You can claim Social Security benefits at 62 and switch to spousal benefits later if the spousal benefit is higher than your own. However, if your benefit is higher, you must take that instead. Conversely, you must wait to claim spousal benefits first and then switch to your benefit at full retirement age; you must take the higher of the two benefits available.

Survivor Benefits Exception 

Survivor benefits are an exception where you can take one benefit and let the other grow. For instance, a widow can claim a survivor benefit as early as 60 and then switch to her benefit at 70, which would have grown due to delayed retirement credits.

Taxation of Social Security Benefits 

Social Security benefits can be taxed based on your combined income, including half of your Social Security benefits, adjusted gross income, and any tax-exempt interest. Federal taxes apply progressively, with higher income leading to more taxable benefits.

Roth Conversions and Social Security